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There have been shifts in ratings in America’s hottest real estate market for high-end vacation homes this year compared to last, and the high end this year has seen a meteoric rise in popularity.
New analysis from second home ownership marketplace Pacaso revealed which US regions were the hottest markets for luxury vacation homes in 2024, based on the increase in second home activity, the share of second homes in first homes and the demand for above-priced properties. $700,000.
Here are the areas most in demand for second homes in 2024, according to the findings:
1) Cape May County, New Jersey
General view of Ocean City, New Jersey. (iStock / Stock)
The report showed Cape May County moving from the Jersey Shore out of the top 20 last year to the No. 1 second home spot in 2024, and it wasn’t even close.
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Cape May tops this year’s list with a staggering 150% more second homes than primary residences, thanks to coastal towns like Ocean City and Avalon, according to the survey.
Pacaso said the area’s rise is due to its mix of family-friendly activities, nightlife, culture and wide beaches, coupled with its proximity to urban areas such as New York City and Philadelphia.
2) Gulf County, Florida
Port St. Joe is a small town in the Florida Panhandle. (iStock / Stock)
3) Walton County, Florida
“In Florida, Gulf, Walton, and Collier counties – home to the Panhandle cities along 30A and Naples – are emerging as high-end destinations, providing prime beach locations that are scarce in tropical areas like Miami and Palm Beach,” said Pacaso CEO Austin Allison. he told FOX Business.
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While Florida’s East Coast counties like Palm Beach (#13 on the list) are known for their lively nightlife and cultural attractions, consumers continue to be drawn to the unique beach lifestyle the West Coast offers families, Pacaso said.
4) Barnstable County, Massachusetts
A couple walks on the beach at Coast Guard Beach in Eastham, MA on July 21, 2020. (Craig F. Walker/The Boston Globe via Getty Images/Getty Images)
Pacaso said Barnstable County, Massachusetts, home to Cape Cod, continued to see growth in vacation home purchases through 2024.
“This heritage site has been a popular vacation home market for decades,” he said, “famous for its charming beach communities and historic ties to the Kennedy family, who visited there and own the famous Kennedy Compound.”
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5) Collier County, Florida
Naples Municipal Beach facing north with luxury hotels and condominiums in the background. (Photos by Paul Harris/Getty Images)
During the COVID-19 crisis, many people are flocking to Florida counties known for their vacation homes because of the state’s favorable tax situation and the desire for more living space. Collier County in Florida’s Panhandle, with an already strong market for second homes, has become a popular destination for snowbirds. Naples and Marco Island are the most notable cities located within the county, where the average second home costs more than $896,000.
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